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Law Govern by HUF
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Law Govern by HUF: HUF (Hindu Undivided Family) is governed by Hindu law, which includes various laws and legal principles that regulate matters related to Hindu families, their inheritance, property rights, and succession. The key legislation governing HUF in India is as follows:
Hindu Succession Act, 1956: This law governs the succession and inheritance rights of Hindus, including HUFs. It provides rules for the devolution of property upon the death of a member of the HUF and defines the rights of various members, such as the Karta (head of the family), coparceners, and female members.
Income Tax Act, 1961: The Income Tax Act includes provisions specific to HUFs regarding taxation, such as the taxation of HUF income, tax benefits available to HUFs, and the filing of income tax returns by HUFs.
Hindu Minority and Guardianship Act, 1956: This law deals with matters related to the guardianship and custody of minor children within an HUF, including the powers and responsibilities of the Karta as the natural guardian.
Hindu Marriage Act, 1955: Although primarily focused on marriage and divorce, the Hindu Marriage Act also impacts HUFs by governing the legal status of marriages within the family and the rights and obligations of spouses.
Other Relevant Laws: HUFs may also be subject to other applicable laws, such as the Transfer of Property Act, Registration Act, and Indian Succession Act, among others, depending on the specific circumstances and transactions involving the HUF.
Law Govern by HUF: It is important to note that laws and legal provisions may vary over time, and it is advisable to consult with a qualified legal professional or chartered accountant for up-to-date and accurate guidance on the legal aspects and governance of HUFs in India.
For further details access our website https://vibrantfinserv.com
To visit: https://www.mca.gov.in/
